List and Briefly Explain Each of the Phases in the Creative

question 4

Essay

List and briefly explain each of the phases in the creative process.

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Definitions:

Fair Market Value

The price that property would sell for on the open market between a willing buyer and a willing seller, each having reasonable knowledge of all relevant facts.

Valid Consideration

Anything of value promised to another when making a contract that is legal and results in the formation of a binding agreement.

Uniform Commercial Code

An extensive collection of statutes that regulate every aspect of business dealings within the United States, aimed at standardizing the legal framework for sales and various commercial activities throughout the states.

Paid-In-Full

A status indicating that a debt or obligation has been completely settled or paid off.